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of <h1>National Savings Certificates VIII Issue: new Rule 15 sets post-maturity encashment value and yearly interest schedule from 1 Jan 1999.</h1> Rule 15 of the National Savings Certificates (VIII Issue) Rules, 1989 is amended by inserting a new sub-rule prescribing the post-maturity encashment value and annual interest accrual schedule for certificates purchased on or after 1 January 1999. It fixes the amount payable on encashment at any time after maturity at Rs. 195.60 for a Rs. 100 denomination (and proportionately for other denominations), specifies year-wise interest accrual amounts for each of the six years, and deems interest accrued at the end of each year up to the end of the fifth year to be reinvested and aggregated with the face value, with the operative effect of determining the guaranteed redemption value and compounding mechanism for such certificates.
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